Key points of investment
In June 2024, Xiaopeng Motor delivered a total of 10,668 new cars, up 24% year on year and 5% month on month. Among them, from January to June 2024, Xiaopeng Motor delivered a total of 52,028 new vehicles, an increase of 26% over the previous year. Q2 Xiaopeng Motors delivered a total of 30,207 units, which was in line with expectations, with a year-on-month increase of 38.4%.
In June, Xiaopeng Motor delivered a total of 10,668 new cars, compared with 8,620 in the same period last year, up 24% year on year and 5% month on month. Overall, Q2 Xiaopeng Motor delivered a total of 30,207 units, in line with expectations, with a year-on-month increase of 38.4%. From January to June 2024, Xiaopeng Motor delivered a cumulative total of 52,028 units, compared with 41,435 units in the same period last year, an increase of 26% over the previous year. Looking at key models, the Xiaopeng X9 “Nine Crown” delivered 1,687 units, with a total of 13,143 units delivered in half a year after launch, continuing to lead the pure electric MPV and pure electric three-seater model markets.
The new M03 model is about to be launched, with intelligent and global dual-dimensional drive. In terms of a new car, the pure electric hatchback coupe Xiaopeng M03 will have its world debut on July 3. The Xiaopeng MONA M03 uses AI to quantify aesthetics to create a golden posture comparable to that of a sports coupe. The Xiaopeng MONA M03 also has the lowest wind resistance coefficient among mass-produced models of its class in the world. The wind resistance coefficient is only 0.194. On an intelligent level, the penetration rate of monthly active users of Xiaopeng XNGP Smart Driving in urban areas reached 84% in June. In July, XNGP will achieve “the whole country can be opened, the whole country is easy to open” through a major OTA, and there are more application scenarios to be implemented. On a global level, in June, Xiaopeng Motor entered the Egyptian market and released the Xiaopeng G9 and Xiaopeng P7, becoming the first Chinese smart pure electric vehicle brand to launch pure electric products in the Egyptian and African markets. Furthermore, in the third quarter of this year, the AI Tianji system will usher in a major OTA and will be officially launched overseas.
Profit forecast and investment rating: We maintain the company's 2024-2026 operating income forecast of 445/827/114.6 billion yuan, respectively, and net profit of -58/32/13 billion yuan; corresponding EPS in 2026 is 0.66 yuan, corresponding PE is 42 times, considering the company's leading level of intelligent driving in the industry, and its continued competitiveness in the future, maintaining the company's “buy” rating.
Risk warning: The recovery in downstream demand for passenger cars fell short of expectations; the price war exceeded expectations.